When answering this question, focus on your systematic approach to identifying and evaluating new business opportunities. Highlight your methods for market research, trend analysis, and competitive landscape assessment. Discuss how you validate ideas through customer feedback, pilot programs, or MVPs (Minimum Viable Products). Provide examples of past experiences where you successfully identified and evaluated a business opportunity, detailing the steps you took and the outcomes achieved. Emphasize your ability to align opportunities with the firm's goals and investment criteria.
Example: "I start by conducting thorough market research to identify emerging trends and gaps in the market. I then analyze the competitive landscape to understand the strengths and weaknesses of existing players. To validate the opportunity, I gather customer feedback through surveys and focus groups, and often develop a pilot program or MVP to test the concept. For instance, in my previous role, I identified a gap in the market for eco-friendly packaging solutions. After extensive research and validation, we launched a successful product line that attracted significant investment and market share."
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